US dollar exceeds 2,700 riyal barrier in Aden

SANAA, June 18 (YPA) – The US dollar continued its rise on Wednesday in Aden and the southern and eastern provinces of Yemen, where the local currency is experiencing an unprecedented catastrophic collapse.

The US dollar exchange rate reached 2,712 Yemeni riyals for sale and 2,690 riyals for purchase, while the Saudi riyal reached 711 riyals for sale and 707 riyals for purchase, a 24-hour increase of 12 riyals to the dollar and 7 riyals to the Saudi riyal.

Over the course of 10 days, the dollar has risen by about 100 riyals and the Saudi riyal by about 30 riyals.

Observers believe that the government loyal to the Saudi-led coalition is remaining silent regarding the rapid collapse of the currency, while traders are relying on the Saudi riyal instead of the local currency due to its declining value, which is also being imposed on citizens.

Economists expect the exchange rate to rise to 3,000 riyals soon, holding the pro-coalition government responsible for its failure to manage the monetary crisis and currency speculation.

Sanaa is experiencing economic and financial stability thanks to strict measures by the Central Bank to control foreign exchange rates.

The bank sets daily currency rates as follows:

1 Saudi Riyal = 140 Yemeni Riyals

1 US Dollar = 530.50 Yemeni Riyals

1 US Dollar = 3.79 Saudi Riyals.

YPA